London Mayor announces plans for a London Living Rent scheme

Sadiq Khan has revealled plans to introduce a London Living Rent scheme, offering cheaper rent to low and middle-income households.

He wants to build new houses and keep the rent costs to a third of average household incomes in each borough.

The plan would mean that households with an income of less than £45,000 per year could rent a two bedroom flat for less than £1,000 a month. Hackney plans to be the first borough to build 500 homes under the scheme. It looks like renting in London could be about to get a lot cheaper.